[ANN] [PMC] Premine Coin | Rare | Mining Transaction Fee Proof of Concept

[fenghush]

Yeah its rather pointless to add more solo hash power unless we have a pool, its either that or smarter difficulty adjustment.

Why would we need a lot miners to mine blocks for transaction fees? Isn't it possible to keep the network alive with some block eruptors when the difficulty is adjusted correctly so there can be a block mined every 60s for example?

When there is only one miner with 1 -2 Gh/s who can keep the network alive this miner will earn all the fees which could be a lot when the number of transactions is high.

When we have 1000 miners with an equal hash power from each miner then the miner reward will be much less because 1000 miners can't find a block at the same time. Some of them will have to wait for a long time until they find a block. And yes I'm sure that would never cover any mining costs.

 

[yogibaer]

I don't have asic miners. Only CPU wallet mining ...

[subSTRATA]

By the way, the difficulty will re-adjust, so the hashrate issue is temporary until it recalculates.

Yes, it will readjust but when? Can you wait a month to have 1 minute blocktime again? Even if you can, what is the value of a
coin that confirms tx every few hours? Let's see how it goes and how much time you people (not pointing finger at you, Nullu)
will need to start sending coins to addresses of blocks which are already mined, to stimulate past and present miners. Do not
send any more coins to me, if I am the last hope of this coin than I'll let it die. Let's do it as if I just lost electricity so that my
"massive" 1.65 GHashes are off the network. The last block took 15 minutes, I wanna find out how much time it'll take for let's
say next 10 blocks total.



"I am the banisher, the ill will that snuffs the final candle."  

[shanent]

I don't have asic miners. Only CPU wallet mining ...

Also I.
With this diff id quite impossible to hit a block with wallet but if need I'll do this.

[yogibaer]

Yeah its rather pointless to add more solo hash power unless we have a pool, its either that or smarter difficulty adjustment.

Why would we need a lot miners to mine blocks for transaction fees? Isn't it possible to keep the network alive with some block eruptors when the difficulty is adjusted correctly so there can be a block mined every 60s for example?

When there is only one miner with 1 -2 Gh/s who can keep the network alive this miner will earn all the fees which could be a lot when the number of transactions is high.

When we have 1000 miners with an equal hash power from each miner then the miner reward will be much less because 1000 miners can't find a block at the same time. Some of them will have to wait for a long time until they find a block. And yes I'm sure that would never cover any mining costs.

A pool would be useless I asked in the PMC forum about that already. Transaction fees are small already they would be even smaller for a number of users on a pool sharing the little fees ...

[fenghush]

Since this is sha like btc, perhaps it can be added to some merged mining pool, like ghash.io, difficulty will go to shit but at least the network will be fast.

Well it's pretty obvious that mining this coin wont be profitable, so the miners need to be volunteers, blocks must be solved to keep the network alive.

Yeah its rather pointless to add more solo hash power unless we have a pool, its either that or smarter difficulty adjustment.

Why would we need a lot miners to mine blocks for transaction fees? Isn't it possible to keep the network alive with some block eruptors when the difficulty is adjusted correctly so there can be a block mined every 60s for example?

When there is only one miner with 1 -2 Gh/s who can keep the network alive this miner will earn all the fees which could be a lot when the number of transactions is high.

When we have 1000 miners with an equal hash power from each miner then the miner reward will be much less because 1000 miners can't find a block at the same time. Some of them will have to wait for a long time until they find a block. And yes I'm sure that would never cover any mining costs.

A pool would be useless I asked in the PMC forum about that already. Transaction fees are small already they would be even smaller for a number of users on a pool sharing the little fees ...

[digit]

there is no way to send an extra PMC to any adress mining a block ?

I think if you want to do this then set tx fee to 1 PMC instead of the default 0.01?

I'm attempting to mine it now but not sure hw much difference 1 BE will make

[Nullu]

there is no way to send an extra PMC to any adress mining a block ?

I think if you want to do this then set tx fee to 1 PMC instead of the default 0.01?

I'm attempting to mine it now but not sure hw much difference 1 BE will make

That won't really work. We'd just get a very small number of blocks with a decent reward. We need lots of regular transactions around 0.01 being sent on a regular basis. If I had a way to automate sending tx fees every x amount of seconds, I could literally pay the entire mining network for a week.

[maardein]

there is no way to send an extra PMC to any adress mining a block ?

I think if you want to do this then set tx fee to 1 PMC instead of the default 0.01?

I'm attempting to mine it now but not sure hw much difference 1 BE will make

You could manually send some PMC to the one finding the block as listed in the block explorer I guess? But that is extremely labour intensive.

[subSTRATA]

I will also donate to anyone else who supports the network right now. I would need proof that you're on the network and that you've been hashing long enough to help move some blocks, but I am willing to give PMC to those that can point their hashpower at PMC.

Call it compensation for the low block rewards.

If there is a save way to do so i will donate more.
A way to support the miners would if we send coins with a high fee between our adresses.
Any other idea?

Use block explorer and send some coins to all miners who mined past blocks but received no coins at all. Start with blocks after
9249 since it is then when generation of coins stopped.

http://cryptexplorer.com/chain/Premine?hi=9255&count=20

Bellow is a link for block 9250 the first one without block reward. Miner got 0 coins. His address is bottom right on the webpage.

http://cryptexplorer.com/block/000000000031bfcb745456c07f12cd42e8095bf90fae2d30d703674eee1f5514

[mr bossi]

Does anyone know why my premine wallet won't sync even after i've created the .conf file and restarted the wallet?

[Nullu]

I will also donate to anyone else who supports the network right now. I would need proof that you're on the network and that you've been hashing long enough to help move some blocks, but I am willing to give PMC to those that can point their hashpower at PMC.

Call it compensation for the low block rewards.

If there is a save way to do so i will donate more.
A way to support the miners would if we send coins with a high fee between our adresses.
Any other idea?

Use block explorer and send some coins to all miners who mined past blocks but received no coins at all. Start with blocks after
9249 since it is then when generation of coins stopped.

http://cryptexplorer.com/chain/Premine?hi=9255&count=20

Great idea! I'll get to it later.

Is there a way to send payments to multiple addresses at once? I can write a script to harvest addresses from the block explorer then send them all payment in bulk. I would make the script freely available to others so they can send payments to miners who get 0 block rewards.

This could work in the short term until the new wallet is out.

[digit]

Does anyone know why my premine wallet won't sync even after i've created the .conf file and restarted the wallet?

Wallet needs Port 9336 on your firewall/router to be open to sync

1B7YZVbif7DfrTezASi65k9rFV7c1n6jyY

[maardein]

I will also donate to anyone else who supports the network right now. I would need proof that you're on the network and that you've been hashing long enough to help move some blocks, but I am willing to give PMC to those that can point their hashpower at PMC.

Call it compensation for the low block rewards.

If there is a save way to do so i will donate more.
A way to support the miners would if we send coins with a high fee between our adresses.
Any other idea?

Use block explorer and send some coins to all miners who mined past blocks but received no coins at all. Start with blocks after
9249 since it is then when generation of coins stopped.

http://cryptexplorer.com/chain/Premine?hi=9255&count=20

Great idea! I'll get to it later.

Is there a way to send payments to multiple addresses at once? I can write a script to harvest addresses from the block explorer then send them all payment in bulk. I would make the script freely available to others so they can send payments to miners who get 0 block rewards.

This could work in the short term until the new wallet is out.

The wallet has a 'sendmany' function in the console. If you could make your script output in the correct format, this could be a great way to solve the current issues!

[yogibaer]

Great idea! I'll get to it later.

Is there a way to send payments to multiple addresses at once? I can write a script to harvest addresses from the block explorer then send them all payment in bulk. I would make the script freely available to others so they can send payments to miners who get 0 block rewards.

This could work in the short term until the new wallet is out.

When the new wallet is released the coin still needs a lot of transactions to fill every new (and maybe older blocks?) with fees. The free giveaways and manual spreading will never create all that number of transactions in my opinion.

[fenghush]

Faucet is all good to go. Rewards suck atm, site needs a nice theme, open to suggestions on the timing/rewards. There's currently only 10 PMC in balance, you can deposit directly there on 1PFZDyfixDkzLof2iNzfLW2SF2Tnb15Mz7 and you can tip me for my efforts on 1DrxMts1ywGM9Ufhgi1FmnX8hmoA3JajrV

http://faucet.premineco.in/

Have fun!

[maardein]

Faucet is all good to go. Rewards suck atm, site needs a nice theme, open to suggestions on the timing/rewards. There's currently only 10 PMC in balance, you can deposit directly there on 1PFZDyfixDkzLof2iNzfLW2SF2Tnb15Mz7 and you can tip me for my efforts on 1DrxMts1ywGM9Ufhgi1FmnX8hmoA3JajrV

http://faucet.premineco.in/

Have fun!

10k to 50k rewards?

[Benezivas]

Faucet is all good to go. Rewards suck atm, site needs a nice theme, open to suggestions on the timing/rewards. There's currently only 10 PMC in balance, you can deposit directly there on 1PFZDyfixDkzLof2iNzfLW2SF2Tnb15Mz7 and you can tip me for my efforts on 1DrxMts1ywGM9Ufhgi1FmnX8hmoA3JajrV

http://faucet.premineco.in/

Have fun!

I've just tested it out, seems to be working. Could you include a minimal transaction fee into each faucet payout? That would help the network a bit already.

[fenghush]

That's 10 to 50k microPremines

Faucet is all good to go. Rewards suck atm, site needs a nice theme, open to suggestions on the timing/rewards. There's currently only 10 PMC in balance, you can deposit directly there on 1PFZDyfixDkzLof2iNzfLW2SF2Tnb15Mz7 and you can tip me for my efforts on 1DrxMts1ywGM9Ufhgi1FmnX8hmoA3JajrV

http://faucet.premineco.in/

Have fun!

10k to 50k rewards?

Yep 20k microPremines per transaction. I know numbers are not ideal, any input would be much appreciated.

I've just tested it out, seems to be working. Could you include a minimal transaction fee into each faucet payout? That would help the network a bit already.

[subSTRATA]

Is there a way to send payments to multiple addresses at once? I can write a script to harvest addresses from the block explorer then send them all payment in bulk. I would make the script freely available to others so they can send payments to miners who get 0 block rewards.

The wallet has a 'sendmany' function in the console. If you could make your script output in the correct format, this could be a great way to solve the current issues!

Help > Debug window > Console tab > Help

sendmany <fromaccount> {address:amount,...} [minconf=1] [comment]

How it works exactly I don't know, never used it but keep in mind there is a limit to block size (250kB I guess, check with dev).